Any salt in the make-up will contribute.
But, if the hypoclorite you are referring is being added as a biocide, the amount added is normally low enough and wont affect conductivity. But...
If you have in your cooling tower a continuous adition of an acid (normally sulfuric or hydrocloric) as an automatic pH adjustment, as the NaClO is caustic, the H2SO4 or HCl dosing will increase, increasing the conductivity.
So, I recommend that you must make your own experience.
Other interesting facts:
* If as a biocide you add gaseous chlorine, instead of NaOCl, pH will drop, and it is recommendable to stop the addition of any acid used to control the pH during the injection, normally done in shocks.
* Back to conductivity, its continuous measurement would be a good variable to evaluate concentration cycles. A general (cautioun anyway) rule of thumb is that the total amount of salts in ppm is half the conductivity in microsiemens.
Have a safe day
J.Alvarez